EXHIBIT 10.14
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EXECUTIVE COMPENSATION AGREEMENT
This Agreement made and entered into effective as of May 22, 2000 by and between
Enter Tech Corporation a Nevada Corporation ("Employer") and Xxxxxxx X. Xxxxxx
("Employee").
WITNESSETH
A) Recitals
1) Employer is a Nevada corporation in good standing which is authorized
to transact business in the State of Colorado. It maintains its
principal office at 000 X. 0xx Xx. Xxxxxxxx, XX 00000.
2) Employee has agreed to accept employment with the employer under the
terms and conditions recited herein.
NOW, THEREFORE, IT IS AGREED,
B) Terms and Conditions
1) Employer hereby engages Employee in the capacity of President,
Employee's address and social security number is as follows,
Address X.X. Xxx 000000
Xxxxxxxxx Xxxxxxx, XX 00000
Social Security 000000000
2) The general duties assigned to the Employee shall be (Exhibit A): plus
such other duties compatible with the foregoing as may be assigned,
from time to time, by the Board of Directors of ETC.
3) Employee's base compensation shall be $9000 per month
4) Executive benefits granted to the Employee:
a) Participation in a major medical / dental plan for family
coverage.
b) Participation in a life / disability insurance plan.
c) Participation in a cash and or stock bonus plan .
d) Participation in a stock option and or stock purchase plan .
e) Employee shall be entitled to a reasonable expense account, which
shall be reviewed from time to time by the Board of Directors of
ETC.
6) Employee shall be reimbursed all reasonable and necessary business
expenses with limitations on travel, lodging, meals and entertainment
as established by the Board of Directors of ETC.
7) The Employee's term of employment shall be three (3) years subject to
the following:
a) Employee shall be entitled at any one time six (6) consecutive
weeks of absence from his normal duties due to illness or
physical disability.
b) Employee may be terminated only for cause, which shall be defined
as meaning negligence in the performance of their duties or an
act of malfeasance.
8) Employee shall be entitled to annual vacation with pay and benefits as
follows:
a) Employee is entitled to a total of four (4) weeks of vacation
annually for years one through three of employment, five (5)
weeks annually for years four and five and six (6) weeks annually
there after.
9) Employee shall be required to utilize their best efforts in accordance
with their educational and professional background, in carrying out
their duties and shall not engage in any conduct which may be
considered in the business community as being a conflict of interest
with the Employer.
10) Should a dispute arise between the parties, it shall be referred to
the American Arbitration Association in Denver, Colorado for
resolution and the decision of the arbitrator shall be binding and
conclusive and may be entered in any court of jurisdiction as a
judgement.
11) If it become necessary for either party to give formal notice to the
other concerning any term or condition of the Agreement, notices shall
be sent Registered Mail to the Employer and Employee address of record
at time of Employment.
12) The benefits hereunder may not be assigned by the Employee, nor may
they delegate any of the duties assigned to them by the Employer
without specific prior approval of the Board of Directors of ETC.
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13) This agreement shall be construed; under and pursuant to the laws of
the State of Colorado.
14) This Agreement shall be executed in counterparts, each which shall be
deemed an original.
IN WITNESS WHERE OF, the parties have executed this Agreement as of the first
day and year set forth above.
Employer: Employee:
Enter Tech Corporation Xxxxxxx X. Xxxxxx
BY: BY:
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